I don't see the slightest reason to consider this level of concern a matter of network hype. The greatest concern seems to be coming from the experts who know just what a Cat. 5 hitting a below-sea-level city like New Orleans really means. No one can make perfect predictions in meteorology, but at this point there seems to be no room for doubt that Katrina is going to make landfall within just a few miles of N.O. and that much of coastal LA, MS, and into AL will suffer a tremendous, devastating blow. There's speculation involved in saying just how bad, how many deaths, etc. but no doubts that it will be a huge, terrible hit.
Where is the guy who has accurately predicted the land fall of the last few Hurricanes.